Eurofragance continues Asia expansion with new affiliate in “major growth market” India
08 May 2024 --- Fragrance design firm Eurofragance provides an update on its “ambitious” expansion plan, Strategic Plan for 2020, with sights on growing its footprint in Asia.
In late 2017, the company entered the US market by acquiring Fragrance Design (Atlanta), expanding its presence in the American market. India is the first stop along Eurofragrance’s targeted Asia growth path this year.
The company is now opening offices in Mumbai with Abhishek Pandya at the helm as its country manager in India.
Laurent Mercier, Eurofragance’s CEO, underscores that India is a market undergoing “major and steady growth.”
“Eurofragance, with the knowledge acquired during the past years working with Indian companies primarily focused on export, is well prepared to rapidly capture its fair share of the Indian market. The initial response to our offer is above our expectations,” he explains.
“Our ability to deliver our high standard quality products from ‘inside’ India opens a completely new perspective. Together with our partner Orris, we are very excited and all behind our project targeting the very dynamic fragrance market of ‘incredible’ India.”
Regionally designing fragrances
India emerges as a key market for many established beauty leaders this year, including scent supplier Symrise in its joint venture with Virchow Group and Takasago with its new olfactory center in Mumbai.
Notable beauty players have enjoyed traction in India in the recent year, with The Body Shop India observing a “strong brand affinity built in India” amid local scale-up activities focusing on omnichannel expansion and “new opportunities” in retail, quick commerce and high-convenience formats.
For years, Eurofragance has been working to reach the Indian market through its affiliate in Dubai, where the company regionally designs fragrances adapted to the needs and preferences of local consumers in the Gulf territories and India.
In addition to opening its new affiliate, Eurofragance entered into a strategic partnership with Orris Tech, a company located in the Mumbai area.
Orris Tech will manufacture all Eurofragance fragrances aimed at the Indian domestic market.
Pandya, bringing a “wealth of industry knowledge,” is responsible for coordinating the sales and development team specializing in fragrances for this region.
In recent news, Eurofragance teamed up with Alphanosos to accelerate the commercial use of AI in fragrance craft. The partners leveraged machine learning to eliminate malodor in personal and home care.
A whitepaper by Kearney and LUX Asia tells us that Southeast Asia and India are poised to be the next “gold rush” particularly in luxury beauty, reaching a market potential of US$7.6 billion by 2026, with a projected 11% CAGR between 2021 and 2031. The growth in this segment is expected to continue, with the market size almost tripling in ten years.
By Benjamin Ferrer
